Within a game theory model, if a change in decision-making raises firm A's profits by $1 million and lowers firm B's profits by $1 million, the game is a
A. zero-sum game.
B. cooperative game.
C. positive-sum game.
D. negative-sum game.
Answer: A
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The M1 measure of the money supply equals
A) currency plus checking account balances plus traveler's checks plus savings account balances. B) currency plus checking account balances plus traveler's checks. C) currency plus checking account balances. D) paper money plus coins in circulation.
A dollar reduction in benefits as a result of a dollar income from working is a
A. 50% tax rate. B. 75% tax rate. C. 22.5% tax rate. D. 100% tax rate.
The change in consumption divided by a change in income is defined as:
a. the marginal propensity to consume. b. autonomous consumption. c. the consumption function. d. Keynes' absolute income hypothesis. e. transitory consumption.
Which of the following does Luddite reasoning get correct?
A. Historically, the demand for labor has actually increased as technology has advanced. B. New technology frequently causes some specialized labor skills to become obsolete. C. New technology tends to raise total output, leading to an increase in the demand for labor. D. Labor is necessary for building and maintaining machines, and so increased demand for machines increases the demand for labor.